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Shanghai Grade A office stock to double by 2020
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SHANGHAI'S Grade A office stock is expected to nearly double by 2020 but significant growth in the services sector will generate sufficient demand to absorb the huge supply, international real estate services provider Jones Lang LaSalle said today.
By the end of this decade, inventory of Grade A offices will jump about 80 percent to reach 13 million square meters in the city, thus surpassing Hong Kong as the largest office market in China, according to a whitepaper released today by Jones Lang LaSalle.
Across the city, the existing CBD area is set to see some 2.3 million square meters of office space released over the next seven years while new business districts outside the CBD will add about 3.4 million square meters during the same period.
"We expect to see a changing pattern of demand in Shanghai's office market," said Joe Zhou, JLL's head of research for East China. "While the financial and professional services sectors will continue to be the major occupiers of CBD office space, expansion requirements and rising rents will lead an increasing number of large-sized occupiers from industries such as healthcare and retail to gradually move out of the CBD."
Meanwhile, large Chinese corporations, both state-owned and private, are becoming true multinational companies that will also boost the city's office market. And new industries such as hospital management, entertainment, e-commerce, new media, education and new energy are also likely to become emerging sources of demand for Grade A office space, both in the CBD and decentralized areas, according to the whitepaper.
Robust demand from occupiers will likely put vacancy rate below 10 percent in 2020 despite the surge in supply, the company has forecast.
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